A type of central heating and cooling that uses hydronic or electrical heating elements embedded in a floor to control the temperature inside for thermal comfort is called underfloor heating. Market opportunities are anticipated to emerge as a result of the rising public awareness of the benefits of underfloor heating. In addition, during the forecast period, the underfloor heating market is anticipated to see an increase in sales as people around the world become more aware of the benefits of using environmentally friendly products. Sustainable strategies for achieving targets of zero carbon emissions are being promoted by governments worldwide. The market’s growth is fueled by this. Manufacturers have a huge potential market for market expansion in developing nations like China and India thanks to the construction industry’s rapid industrialization and development. Due to their large landmasses in cold climate regions, highly populated nations like China and India have a significant need for underfloor heating to increase residents’ levels of comfort. The underfloor heating market is expanding because developing nations are investing more in infrastructure. This has increased demand for construction industries. The global underfloor heating market size was valued at $4.30 billion in 2020, and is projected to reach $8.39 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.
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The Canadian government policies for permanent residency for immigrants have led to the boom of residential construction which has been a significant factor in driving the growth of the underfloor heating market. The increase in awareness among the individuals in regards to the application of underfloor heating equipment to improve the standard of living has boosted the demand for this product. High upfront cost such as installation and improper awareness among the people regarding the underfloor heating equipment is major factor hampering the growth of the market.
The underfloor heating market is segmented on the basis of product type, system, installation type, application, and region. By product type, the market is categorized into hydronic and electric. In terms of value, the hydronic segment accounted for the largest share in 2020. On the basis of system, the global market is segmented into heating system, and control system. In terms of value, the heating system segment accounted for the largest share in 2020. On the basis of installation type, it is divided into new installations, and retrofit installations. In terms of value, more than new installation segment accounted for the largest share in 2020. The applications of underfloor heating market include residential, commercial, and industrial. In terms of value, the residential segment accounted for the largest share in 2020.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe accounted for the largest share of the market in 2020, with Asia-Pacific being the fastest growing region.
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The major companies profiled in this report include Danfoss, Daikin, Emerson Electric Co., Honeywell International, Mitsubishi Electric Corporation, Pentair Plc, Robert Bosch, Siemens AG, Schneider Electric, and Thermosoft International.
The key players are involved in partnership, product launch and acquisition strategies to attain key developments in the underfloor heating industry. For instance, in 2020, nVent expanded its alliance with MAPEI, a global leader in the manufacturing of mortars, grouts, adhesives, and chemicals for the building industry.
Impact Of Covid-19 On The Global Underfloor Heating Market
- Emergence of COVID-19 had a negative impact on the growth of the global underfloor heating market during this period.
- This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand for underfloor heating during this period.
- The decrease in demand for many non-essential products and shut down of construction and tourism related industries have created a negative impact on the development of global underfloor heating market.
- Thus, the abovementioned factors are expected to have negative impact the global underfloor heating market growth during the pandemic period.
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Key findings of the study
- By region, Europe accounted for the largest market share in 2020.
- By Product type, the Hydronic segment holds the largest market share in 2020.
- By System, Heating system segment holds the largest market share in 2020.
- By Installation, New installation segment holds the largest market share in 2020.
- By Application, Residential segment accounted for the largest underfloor heating market share in 2020
- Countries such as China and India are emerging as an investment centric economy.
- Emergence of COVID-19 event has significant effect on the growth trajectory of this market in construction sector.
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